General Electric Co. a venture capitalist to lead its “healthymagination” efforts, under which it is spending $6 billion to develop products and services that lower health care costs and increase access.
Sue Siegel joins Fairfield-based GE from Menlo Park, Calif.-based Mohr Davidow Ventures, where she focused on molecular diagnostics and digital health among other investments. Previously, Siegel was president of the Santa Clara, Calif.-based genomics company Affymetrix Inc.
“As we continue to work with our partners to revolutionize health, we need a leader to connect GE with new healthcare businesses, thought leaders and governments as we seek new models of healthcare delivery and innovation, across GE and the globe,” said GE CEO Jeff Immelt, in a prepared statement. “Sue is the right leader at the right time.”
Launched in 2009 on the heels of GE”™s “ecomagination” effort focused on environmental and energy initiatives, under healthymagination GE has pledged to reduce the cost of procedures that use GE technologies and services by 15 percent by 2015, while reaching 100 million additional people annually with services and technologies essential for health.
In addition to promoting partnerships and aligning GE products to reflect findings from healthymagination research, Siegel will oversee:
Ӣ a $250 million healthymagination fund and Open Innovation Challenge, initially focused on early-stage breast cancer;
”¢ GE”™s “Cities” program which supports campaigns such as Cincinnati”™s Regional Health Transformation effort; and
”¢Â GE”™s workplace and community health programs.
Siegel succeeds Mike Barber who held the position since 2009 and was named vice president and general manager of molecular imaging at GE Healthcare, which has its headquarters in the United Kingdom.
